HomeMy WebLinkAbout98-8-5926ORDINANCE NO. 98- B - S --T,44
AN ORDINANCE APPROVING A MEMORANDUM OF
UNDERSTANDING BETWEEN EDUCATION, ARTS AND HUMANITIES
CABINET, FOUR RIVERS CENTER FOR THE PERFORMING ARTS, INC., AND
CITY OF PADUCAH, KENTUCKY, AND AUTHORIZING THE MAYOR TO
EXECUTE SAME, AND DECLARING AN EMERGENCY TO EXPEDITE
INVESTMENT OF GRANT FUNDS
WHEREAS, House Bill 321, Sec. 15.b., states:
"Four Rivers Center: If the Secretary of the Finance and Administration
Cabinet determines that the amount of actual General Fund undesignated fund balance
available for expenditure in fiscal years 1997-98 or 1998-99 is sufficient to fund Four
Rivers Center - Paducah (Priority #23) of the Statewide Infrastructure Fund, the
appropriate funds shall be made available to the Four Rivers Center for the Performing
Arts, Incorporated, as soon as Memorandum of Agreement is executed between the Four
Rivers Center for the Performing Arts, Incorporated, and the Education Arts and
Humanities Cabinet and approved by the Governor's Office for Policy and Management.
The Memorandum of Agreement shall set out requirements to assure proper oversight,
reporting and accountability, and shall specifically set out procedures for handling funds
prior to construction;"
WHEREAS, Education Arts and Humanities Cabinet (hereafter "Cabinet")
has requested that the City of Paducah, Kentucky ("City") serve as the recipient of the
sum of $12 million for the limited purpose of immediately transferring the entire sum to
Four Rivers Center for the Performing Arts, Inc. (hereafter "Center");
WHEREAS, City has agreed to the request so as to aid in the successful
construction of the Four Rivers Center Project.
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The City shall upon receipt of the grant sum of $12 million
from Cabinet immediately transfer same to Center for its future management and
investment, according to the terms and conditions set forth in the Memorandum of
Understanding, attached hereto, and by reference a part of this ordinance.
SECTION 2. The obligations of City pertaining to the aforesaid grant
funds are solely set forth in the attached Memorandum of Understanding.
SECTION 3. The Mayor is authorized and directed to execute the
attached Memorandum of Understanding on behalf of the City.
SECTION 4. In order to expedite the transfer of the grant funds to Center
and commence earning interest and therefore enhance funding for the project, an
emergency is hereby declared to exist and this ordinance shall become effective
immediately with one reading.
Mayor Pro Te
a
ATTEST:
67
City Clerk
Introduced and adopted by the Board of Commissioners August 25, 1998
Recorded by Lenita Smith, City Clerk, i -,t 2S, 1998
Published by The Paducah Sun September 1, 1995
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